(Reuters) - MF Global, the U.S. brokerage business of Man Group, filed with U.S. regulators on Thursday for an initial public offering of up to $1 billion (500 million pounds) of its common stock.
A subsidiary of Man Group (EMG.L), the world’s largest listed hedge fund firm, is offering the shares and MF Global would not receive any proceeds from the sale, it said in a filing with the U.S. Securities and Exchange Commission.
Citigroup, JPMorgan, Lehman Brothers, Merrill Lynch & Co. and UBS Investment Bank are underwriting the IPO, and the company has applied to list its shares on the New York Stock Exchange under the ticker symbol “MF,” it said.
MF Global currently operates through Man Financial Ltd., Man Financial Inc. and other subsidiaries of Man Group.
Man Group in March disclosed plans to demerge its U.S. brokerage unit as it believed its brokerage business had started to have “a separate, stand-alone identity of its own.”
Man Group had said Man Financial Managing Director Kevin Davis would become chief executive of the new group.